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LONDON (Alliance News) - Vast Resources PLC on Friday said it has raised GBP600,000 through a 444.4 million share placing and subscription priced at 0.135 pence per share to support its operations in Romania and Zimbabwe.
Shares in the miner were down 7.2% at 0.14 pence per share in early trade.
The placing was for 407.4 million shares and was undertaken by joint broker SVS Securities PLC. The subscription was for 37.0 million shares, with 7.4 million bought by Chief Executive Andrew Prelea and 29.6 million by Finance Director Roy Tucker.
Following the admission of these new shares, Vast Resources will have 7.95 billion shares in issue. Prelea will hold 39.2 million shares or a 0.5% stake while Tucker will have 69.6 million shares or a 0.9% stake in the company's enlarged share capital.
Of the money raised, GBP300,000 will be used to maintain the company's operations at its polymetallic Baita Plai mine in Transylvania with the other GBP300,000 to be used for working capital at the company's Heritage concession in Zimbabwe.
